(1) Before granting the initial certificate of authority to an applicant to become a domestic insurer, the commissioner shall be satisfied by proper evidence that:
(a) The insurer's books and records are located or maintained in this state or are readily accessible to the examiners of this state; and
(b) The grant of a certificate of authority as a domestic insurer will provide benefit to the state of Colorado through either significant economic development or through the offering of insurance coverage desired by and beneficial to the Colorado insurance buying public.
(2) No later than January 1, 1992, any domestic insurer licensed in this state prior to July 1, 1991, shall file a plan for compliance with this section.
(3) The commissioner may modify or waive the requirements of this section for cause on a case by case basis.
(4) The commissioner may promulgate such rules and regulations as are necessary to carry out the provisions of this section.
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